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Cirrus Logic shares goal raised by KeyBanc on iPhone 16 outlook

Jul 9, 2024 | blog

Tuesday—Cirrus Logic (NASDAQ: CRUS) shares acquired a optimistic adjustment from KeyBanc. The agency raised its worth goal to $155 from $120 whereas sustaining an Overweight ranking. The improve displays the analyst’s optimism concerning the firm’s prospects, significantly its involvement with the upcoming iPhone 16.

The analyst’s confidence is buoyed by two major elements: the anticipated enchancment in construct expectations for the iPhone 16 and the idea that the brand new mannequin’s digital camera button will incorporate a haptics driver from Cirrus Logic (NASDAQ:). These parts are seen as doubtlessly useful for the corporate.

The iPhone 16 is producing important curiosity as a result of enhanced options associated to Apple (NASDAQ:)’s synthetic intelligence capabilities. This heightened client anticipation is anticipated to translate into sturdy construct expectations for the gadget.

Cirrus Logic’s know-how, particularly its haptics driver, is reportedly anticipated to be part of the iPhone 16’s new digital camera button. This integration might signify a better collaboration between Cirrus Logic and Apple, doubtlessly resulting in elevated demand for Cirrus Logic’s elements.

The analyst’s assertion highlighted these developments but in addition famous that the extent to which this may translate into incremental content material for Cirrus Logic stays to be seen.

The implication is that whereas there’s a optimistic forecast, the precise influence on Cirrus Logic’s market place and monetary efficiency will solely turn out to be clear following the iPhone 16’s launch and subsequent market response.

In different latest information, Cirrus Logic has debuted a brand new sequence of digital-to-analog converters and an audio CODEC. These gadgets, meant for the skilled audio market, construct upon the earlier yr’s launch of analog-to-digital converters, providing superior analog performance and digital integration.

The new merchandise present distinctive efficiency with minimal energy necessities. The firm has additionally seen important adjustments in its board and monetary management.

William D. Mosley has been nominated for election to its board of administrators, whereas board member Tim Dehne is about to retire. In monetary management, CFO Venk Nathamuni is departing, with Ulf Habermann appointed as interim CFO.

In analyst notes, Stifel maintained its Buy ranking on Cirrus Logic shares, expressing confidence within the monetary technique beneath the brand new CFO. However, Benchmark downgraded Cirrus Logic’s inventory from Buy to Hold, citing the present inventory worth as honest worth. These are latest developments within the firm’s journey.

This article was generated with the help of AI and reviewed by an editor. For extra data see our T&C.

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